A La Jolla home that's been featured in commercials for Calvin Klein and Visa will soon be on the auction block. And the starting bid is drastically less than its $34 million construction cost and original asking price of $45 million.

Dubbed "The Razor," the bankruptcy home will open for bids onsite noon Tuesday, says Hurwitz James Company, which is listing the property. The Beverly Hills-based real estate firm said the starting bid for the 11,000-square-foot estate is $16 million, with overbids of $100,000 increments.

As of Thursday, company spokeswoman Violet Simpson said the Hurwitz James Company was close to a deal, so it’s possible the auction may not happen.

“Crossing our fingers,” said Simpson, in an email to the Union-Tribune.

If Tuesday's auction does happen, then only qualified bidders can take part in it and can do so by phone. It's cash only because the seller, who has filed for bankruptcy, will not offer financing for the house, 9826 La Jolla Farms Road.

The company says the home "will be sold free and clear of liens" and will not include personal property such as staging furniture.

From the listing company's blog:

As you can imagine, The Razor is keeping Bob Hurwitz very busy with all of the high-profile interviews and the numerous tours to qualified buyers coming from as far away as Sweden to see this masterpiece property. Bob Hurwitz has been making it known to qualified buyers that the best possible price will most likely be achieved prior to the auction.